L&F Signs Long-Term Supply Agreement for LFP Cathode Materials with U.S. Defense Battery Firm Coreshell Technologies

Against the backdrop of tightening U.S. battery supply chain regulations, South Korean cathode material firm L&F has entered the North American defense market by leveraging a non-China supply chain. L&F announced on June 29 that it has signed a long-term supply agreement for lithium iron phosphate (LFP) cathode materials with U.S.-based battery technology company Coreshell Technologies. L&F meets regulatory requirements including the U.S. mineral and component usage mandates under the Office of Defense Production (OBBB) and the National Defense Authorization Act (NDAA), enabling competitiveness in regulated sectors like defense. The scope of LFP cathode material applications, previously focused on energy storage systems (ESS), has expanded to mobility and defense sectors through this agreement. Coreshell, a U.S.-based battery technology firm headquartered in California, develops next-generation battery platforms using domestically sourced metal silicon and is expanding into defense, electric vehicles, and power grid energy storage. This agreement establishes a battery supply chain excluding Chinese materials from anode to cathode. Jonathan Tan, CEO of Coreshell, stated, "This agreement marks a key milestone in our strategy to build batteries based on a non-China supply chain, providing a foundation to supply batteries meeting the highest regulatory compliance standards." L&F CFO Ryu Seung-hun emphasized, "Securing this North American client validates L&F's LFP business as a stable, scalable foundation, supporting a dual-track strategy to address premium EVs and mass-market segments while contributing to global non-China supply chain construction." Meanwhile, L&F Plus, the subsidiary specializing in LFP cathode material production and sales, has been selected as a recipient of a 220 billion won long-term low-interest policy loan from the National Growth Fund. The funds will be fully invested in LFP-specific cathode material factory equipment, with initial operations starting at 30,000 tons capacity by mid-3rd quarter 2024 and a target of 60,000 tons annual production by early 2027.